Nebraska Military Home Program Guide

Guide to the Nebraska Military Home Program

The Nebraska Military Home Program provides exclusive mortgage benefits and financial assistance to active-duty military members, veterans, and eligible surviving spouses. This program is designed to honor the service of military personnel by offering affordable home financing options and other resources. Below is an updated guide to the program’s features, eligibility requirements, and application process for 2025.

1. Program Overview:

• Purpose: The Nebraska Military Home Program is designed to support military personnel and veterans in achieving homeownership by providing low-interest loans and financial assistance for down payments and closing costs.
• Special Mortgage Rates: Participants in this program can access competitive fixed-rate mortgages, ensuring predictable and affordable monthly payments.
• Exclusive Benefits: The program offers unique benefits tailored to the needs of military members, including relaxed eligibility criteria and additional financial support for qualifying applicants.

2. Eligibility Requirements for 2025:

To qualify for the Nebraska Military Home Program, applicants must meet the following criteria:

• Military Status: Eligible participants include active-duty military members, veterans, members of the National Guard, reservists, and surviving spouses of deceased service members. Documentation, such as a DD-214 or military ID, may be required.
• Primary Residence: The home must be located in Nebraska and used as the buyer’s primary residence. Investment properties and vacation homes are not eligible.
• Income Limits: Household income must fall within the program’s limits, which vary based on location and household size. These limits are updated annually to reflect current area median income (AMI).
• Purchase Price Limits: The home’s purchase price must not exceed the program’s maximum limits, which are updated yearly and vary by county.
• Homebuyer Education: All participants are required to complete a homebuyer education course to ensure they are prepared for the responsibilities of homeownership.

3. How to Apply:

The application process for the Nebraska Military Home Program involves the following steps:

• Contact a Participating Lender: Begin by reaching out to a lender approved to offer this program. They will verify your eligibility and guide you through the process.
• Gather Required Documentation: Be prepared to provide proof of military service, proof of income, recent tax returns, and a certificate of completion from the required homebuyer education course.
• Submit Your Application: Work with your lender to complete the application and submit all required documents for review.

4. Program Benefits:

• Competitive Interest Rates: The program offers reduced fixed-rate mortgages, providing long-term affordability for military families.
• Financial Assistance: Eligible participants may receive assistance to cover down payments and closing costs, reducing upfront expenses and making homeownership more accessible.
• Exclusive Support: The program is tailored to meet the unique needs of military members and their families, offering dedicated resources and relaxed eligibility requirements.

5. Assistance Details:

• Down Payment Assistance: Financial assistance may be available to cover a portion of the home’s purchase price or closing costs. The exact amount depends on individual eligibility and program guidelines.
• Repayment Terms: If assistance is provided as a deferred loan, repayment is typically required only when the home is sold, refinanced, or no longer serves as the borrower’s primary residence. Grants do not require repayment.

6. Additional Considerations:

• Combination with Other Benefits: The Nebraska Military Home Program can often be combined with VA loans and other state or federal assistance programs to maximize financial benefits.
• Program Fees: Some fees may apply during the application process, which your lender will disclose in detail.

The Nebraska Military Home Program is a valuable resource for military personnel and their families, offering financial support and affordable financing options to make homeownership achievable in 2025. Contact a participating lender today to learn more and start the application process.